Paris-based Defthedge, an application addressed to business leaders and CFOs facing the volatility of the foreign exchange market, announced that it has raised €900K in its ‘second’ round of funding.
The investment was finalised with business angels from corporate finance, banking, energy, and consulting, including BeAngels and Provence Angels.
Take charge of your risk management
Founded in 2017 and led by CEO Olivier Lechevalier, DeftHedge is a SaaS application that helps manage commodities and currency risks in economic and accounting decision-making.
The software is aimed at CFOs and corporate executives who deal with the volatility of the foreign currency market.
The company aims to assist businesses in managing their foreign currency risk in order to help them reach their objectives, which may include margin protection, lowering P/L volatility, safeguarding against economic risk, and/or preserving competitiveness.
To automate the process of analysing and controlling financial risks, Defthedge’s programme organises and analyses all market and company data.
Defthedge claims it is the industry standard for foreign currency and raw materials because of its assessment and management of negative market changes, the accuracy of its information, and its interface with regional banks and accounting and treasury software.
Capital utilisation
Defthedge claims it will use the funds to expand its commercial relationships with resellers and consulting companies, speed up its direct marketing to company treasurers and financial directors, and improve its interoperability with banks and software publishers.
According to Olivier Lechevalier, president of Defthedge, the company will announce the commercial and technology collaboration to the market in March.
About the investors
BeAngels is a European business angel network with 460 active members. Nearly 380 firms have received investments from the network, totalling more than €69M.
Vincent Marchand, Head of Innovative Business Tech at BNP Paribas, says, “Defthedge has become one of our flagship projects at BeAngels, with fascinating metrics and founders who are very experienced and attentive to its investors and network. We were thus able to attract an extensive network of investors to BeAngels, both in Belgium and Luxembourg, which was able to give a boost to the startup.”
Marseille-based Provence Angels invest personally and help firms in their early stages of growth together with more than 90 business angels. In addition to funding and assisting startups, the network encourages its members to join the world of business angels and actively contribute to the growth of the economy.
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